Galvanize Therapeutics Secures $100M Series C Financing and Merges with Energenx Medical to Advance Pulsed Electric Field Innovations

Recently, Galvanize closed a new round of financing led by the renowned European venture capital firm Sofinnova Partners, with participation from multiple top-tier global investment institutions. The funds will support its breakthrough pulsed electric field (PEF) platform technology, which underpins the first-in-class non-pharmacological solutions for solid tumors and chronic bronchitis, the primary driver of chronic obstructive pulmonary disease (COPD). Meanwhile, Galvanize’s collaboration with Energenx Medical is entering a new phase. The two companies will merge to form a global enterprise, joining forces to innovate and benefit patients worldwide.

Galvanize Therapeutics, Inc. (“Galvanize”), a commercial-stage medical technology company pioneering pulsed field ablation for the treatment of tumors and chronic lung diseases, announced the successful completion of an oversubscribed $100 million Series C financing round. The round was led by Sofinnova Partners, a leading European life sciences venture capital firm, with participation from several top-tier global investment institutions, including Norwest Venture Partners. Existing investors Fidelity Management & Research Company, T. Rowe Price, Gilmartin Capital, Intuitive Surgical, and the company’s founding investor Apple Tree Partners (ATP) also continued to participate in the financing.

The funds raised in Galvanize’s latest financing round will be used to expand the company’s global footprint and commercialization strategy, advance the R&D and clinical studies of Aliya® PEF for solid tumors and RheOx® therapy for chronic bronchitis, and continue investing in the innovative iteration of its platform-based PEF technology. PEF is a non-pharmacological intervention that disrupts diseased tissue cells using non-thermal, ultrashort, highly focused pulsed electric fields, thereby altering disease progression in patients.

Concurrent with this financing round, Galvanize announced the appointment of Mr. Doug Godshall as Chairman of the Board and CEO, while Dr. Jonathan Waldstreicher will serve as President and Chief Strategy Officer. Mr. Godshall previously served as CEO of HeartWare, which was acquired by Medtronic for $1.1 billion in 2016; he later served as CEO of Shockwave Medical, which was acquired by Johnson & Johnson for $13.1 billion in 2024.

Mr. Godshall stated, “Since 2021, I have been involved in Galvanize’s governance as Chairman of the Board. During this period, my confidence in the team, PEF technology, and the company’s prospects has grown steadily. Galvanize’s Aliya and RheOx technologies hold significant potential for the treatment of solid tumors and chronic bronchitis. Currently, millions of patients still rely on traditional pharmacological regimens, yet their clinical needs remain inadequately met. I am honored to join the team in advancing innovative PEF therapies to further improve outcomes for patients with these chronic conditions.”

Meanwhile, the collaboration between Galvanize and Shuneng Medical is entering a new phase, with the two companies officially merging to form a global enterprise. As a wholly-owned subsidiary of Galvanize, Shuneng Medical will continue to operate independently in China, driving the development and clinical application of innovative therapies for major pulmonary diseases and oncology. In May 2023, Shuneng Medical secured an exclusive license for Galvanize’s pulsed electric field technology in the Greater China region, becoming its sole strategic partner in China. Today, these two outstanding companies from China and the United States are joining forces and moving forward together. This significant milestone not only establishes a solid business foundation for the merged entity in Greater China and the Asia-Pacific region, but more importantly, leverages China’s talent, clinical resources, innovation, and intelligent manufacturing capabilities to better address substantial unmet clinical needs worldwide and maximize global commercial opportunities.

Since its establishment in December 2021, Shuneng Medical has rapidly grown into a leader in innovative interventional therapies for respiratory medicine and oncology within less than four years. Leveraging an exceptional international team and professional expertise, Shuneng Medical has developed a world-class portfolio of Pulsed Electric Field (PEF) products, covering solutions for Chronic Obstructive Pulmonary Disease (COPD) and interventional oncology, while establishing an independent intellectual property protection system. Notably, two of its products targeting COPD and lung cancer treatment have been approved by the Center for Medical Device Evaluation (CMDE) of the National Medical Products Administration to enter the Special Review Procedure for Innovative Medical Devices, also known as the “Green Channel,” securing a first-mover advantage in capturing significant market opportunities. In China, there are 100 million patients with COPD, and one million new cases of lung cancer are diagnosed annually; these novel therapies are poised to bring disruptive changes to the treatment of these diseases. Furthermore, Shuneng Medical has obtained ISO 13485 certification for medical device quality management systems from the British Standards Institution (BSI), covering the entire process of design, development, production, service, and distribution of electrosurgical devices and consumables. This milestone signifies that the company’s management system fully aligns with global quality standards and market requirements.

· Regional Growth Accelerator: Fully tap into the vast market potential in interventional pulmonology and oncology across Greater China and the Asia-Pacific region, driving rapid regional business growth.

· Innovation Engine: Continuously advancing R&D to enrich the product pipeline, addressing unmet clinical needs in key regions and globally.

· Global Growth Enabler: Timely delivery of products that meet global demand and quality standards, driving substantial revenue growth and value enhancement for the merged company.

Dr. Zhou Zhengrong, Founder and CEO of Shuneng Medicalstated: “Shuneng Medical is an innovative medical technology company based in China and oriented toward the global market. Following the merger, Shuneng Medical will continue to focus on its core strategic directions, deeply cultivating the Chinese market while fully leveraging Galvanize’s overseas presence to export China-based innovations to the international market and share Chinese ingenuity with the world. By partnering with Galvanize, the company aims to achieve its overall development vision and strategic objectives, thereby delivering greater benefits to patients worldwide.”

Galvanize™ aims to become a global leader in medical technology innovation by leveraging bioelectronic medicine to treat a variety of diseases, including solid tumors and symptoms of chronic bronchitis. Headquartered in Redwood City, California, the company is currently developing and commercializing its revolutionary Aliya® PEF energy platform in the United States.

Shuneng Medical is a medical technology company that integrates global leading medical technologies and resources, based in China and oriented toward the global market. The company focuses on innovative therapies for major pulmonary diseases and tumor treatment, developing a globally leading pulsed electric field (PEF) platform technology to treat high-prevalence conditions such as chronic bronchitis, chronic obstructive pulmonary disease (COPD), and lung cancer. With the mission of “Technology Illuminates Life,” Shuneng Medical is committed to becoming a leader in innovative interventional therapies for respiratory and oncological indications.